Branko Milanovic
@brankomilan.bsky.social
1) Income inequality; 2) Politics; 3) History; 4) Soccer.
Author of "Global inequality" and "Capitalism, Alone" (2019).
Stone Center, CUNY; LSE, London
Author of "Global inequality" and "Capitalism, Alone" (2019).
Stone Center, CUNY; LSE, London
Was everybody under socialism a millionaire?
glineq.blogspot.com/2015/05/was-...
glineq.blogspot.com/2015/05/was-...
Was everybody under socialism a millionaire?
T here was a couple of months ago a lively discussion on the measurement of wealth. It started with two results. First, Ed Wolff’s long-st...
glineq.blogspot.com
January 7, 2026 at 1:46 AM
Was everybody under socialism a millionaire?
glineq.blogspot.com/2015/05/was-...
glineq.blogspot.com/2015/05/was-...
Was everybody under socialism a millionaire?
January 7, 2026 at 1:45 AM
Was everybody under socialism a millionaire?
Presentism plus rich-country centrism.
January 6, 2026 at 7:50 PM
Presentism plus rich-country centrism.
But they never even bother to stop and think if these new definitions were accepted how would they change inequality results for China, South Africa, India, historial US or UK data.
No, they work in a vacuum where they do a single calculation for the US and then leave it at that.
No, they work in a vacuum where they do a single calculation for the US and then leave it at that.
January 6, 2026 at 7:50 PM
But they never even bother to stop and think if these new definitions were accepted how would they change inequality results for China, South Africa, India, historial US or UK data.
No, they work in a vacuum where they do a single calculation for the US and then leave it at that.
No, they work in a vacuum where they do a single calculation for the US and then leave it at that.
decided that they can change definitions of income, wealth or whatever to get the results they like.
This is nothing new,
As I wrote, it has been going on for more than a decade and is entirely politically motivated.
This is nothing new,
As I wrote, it has been going on for more than a decade and is entirely politically motivated.
January 6, 2026 at 7:50 PM
decided that they can change definitions of income, wealth or whatever to get the results they like.
This is nothing new,
As I wrote, it has been going on for more than a decade and is entirely politically motivated.
This is nothing new,
As I wrote, it has been going on for more than a decade and is entirely politically motivated.
The problems began when Piketty and others attracted attention by showing high inequality in rich countries.
Twelve years have passed since, and most of the time those who did not like the results (and actually never worked on inequality before nor cared about it),
Twelve years have passed since, and most of the time those who did not like the results (and actually never worked on inequality before nor cared about it),
January 6, 2026 at 7:50 PM
The problems began when Piketty and others attracted attention by showing high inequality in rich countries.
Twelve years have passed since, and most of the time those who did not like the results (and actually never worked on inequality before nor cared about it),
Twelve years have passed since, and most of the time those who did not like the results (and actually never worked on inequality before nor cared about it),
Internationally-accepted definitions of (say) disposable income or wealth have existed for at least 50y. They had their own conventions (the Canberra rules for income, capital gains) or UN System of National Accounts.
January 6, 2026 at 7:50 PM
Internationally-accepted definitions of (say) disposable income or wealth have existed for at least 50y. They had their own conventions (the Canberra rules for income, capital gains) or UN System of National Accounts.
Agree. When they do not like the results, they just change the definition of either income or wealth or whatever.
January 6, 2026 at 7:39 PM
Agree. When they do not like the results, they just change the definition of either income or wealth or whatever.
Reposted by Branko Milanovic
This week's review! - @brankomilan.bsky.social's The Great Global Transformation. On political economy of our moment.
Within and Between
The Great Global Transformation: National Market Liberalism in a Multipolar World, Branko Milanovic, 2025.
unevenandcombinedthoughts.substack.com
January 6, 2026 at 5:48 PM
This week's review! - @brankomilan.bsky.social's The Great Global Transformation. On political economy of our moment.
So people get praise for the exercises which make absolutely no sense under any realistic conditions or at least do not in 90% of countries and times.
Perhaps the cardinal weakness of neoclassical economics (which distinguishes it from the classics) is a historically untenable assumption that capitalist economies continue to function forever under "normal" peacetime conditions and that politics does not matter.
January 6, 2026 at 6:25 AM
So people get praise for the exercises which make absolutely no sense under any realistic conditions or at least do not in 90% of countries and times.
What is the value of your future "legal" pension claims if your country gets invaded today?
January 6, 2026 at 6:22 AM
What is the value of your future "legal" pension claims if your country gets invaded today?
Even an elementary school student knows that wars and politics matter to economics, jobs, wages etc, but economists (like those who assume that future pension earnings are certain ad can be treated as today's wealth) simply assume that war, civil strife, public revolt do not exist.
January 6, 2026 at 6:22 AM
Even an elementary school student knows that wars and politics matter to economics, jobs, wages etc, but economists (like those who assume that future pension earnings are certain ad can be treated as today's wealth) simply assume that war, civil strife, public revolt do not exist.
Perhaps the cardinal weakness of neoclassical economics (which distinguishes it from the classics) is a historically untenable assumption that capitalist economies continue to function forever under "normal" peacetime conditions and that politics does not matter.
January 6, 2026 at 6:22 AM
Perhaps the cardinal weakness of neoclassical economics (which distinguishes it from the classics) is a historically untenable assumption that capitalist economies continue to function forever under "normal" peacetime conditions and that politics does not matter.
Not everybody agrees.
My latest Substack:
Was the world of the 1990s better than today’s?
It is a fundamental question
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
It is a fundamental question
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
It is a fundamental question.
branko2f7.substack.com
January 5, 2026 at 10:27 PM
Not everybody agrees.
My latest Substack:
Was the world of the 1990s better than today’s?
It is a fundamental question
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
It is a fundamental question
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
It is a fundamental question.
branko2f7.substack.com
January 5, 2026 at 10:26 PM
My latest Substack:
Was the world of the 1990s better than today’s?
It is a fundamental question
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
It is a fundamental question
branko2f7.substack.com/p/was-the-wo...
Reposted by Branko Milanovic
Happy 2026!
Two most beautiful places in the world. And they need to be seen at night because only at night they show their true greatness.
Two most beautiful places in the world. And they need to be seen at night because only at night they show their true greatness.
January 1, 2026 at 7:23 AM
Happy 2026!
Two most beautiful places in the world. And they need to be seen at night because only at night they show their true greatness.
Two most beautiful places in the world. And they need to be seen at night because only at night they show their true greatness.
Reposted by Branko Milanovic
And now, for the best Substack of the year:
Kaiser Kuo: China is here to Lead, not just Stay
jiwankshetry.substack.com/p/must-read-...
Kaiser Kuo: China is here to Lead, not just Stay
jiwankshetry.substack.com/p/must-read-...
[Must Read] Kaiser Kuo: China is here to Lead, not just Stay
The Great Reckoning: What the West Should Learn From China
jiwankshetry.substack.com
December 23, 2025 at 7:38 AM
And now, for the best Substack of the year:
Kaiser Kuo: China is here to Lead, not just Stay
jiwankshetry.substack.com/p/must-read-...
Kaiser Kuo: China is here to Lead, not just Stay
jiwankshetry.substack.com/p/must-read-...
Reposted by Branko Milanovic
babe wake up, they're doing insider trading on war crimes
“What appears to be a newly created account appeared to invest $30,000 Friday in Maduro's exit. After Maduro went into custody Saturday morning, that same investor netted $436,759.61.”
Someone made $400K by predicting Maduro's capture. Here's what happened
The winnings come as the rules governing prediction markets are still evolving.
www.axios.com
January 3, 2026 at 8:38 PM
babe wake up, they're doing insider trading on war crimes
I love Bluesky.
Trump conquers Venezuela.
Israel destroys Gaza.
Russia attacks Odessa.
Stock market goes nuts about oil in Venezuela.
China surrounds Taiwan.
But, wait, on Tuesday, I have a presentation of my paper on delinquent credit clams in Urania in 1993.
Trump conquers Venezuela.
Israel destroys Gaza.
Russia attacks Odessa.
Stock market goes nuts about oil in Venezuela.
China surrounds Taiwan.
But, wait, on Tuesday, I have a presentation of my paper on delinquent credit clams in Urania in 1993.
January 4, 2026 at 1:22 AM
I love Bluesky.
Trump conquers Venezuela.
Israel destroys Gaza.
Russia attacks Odessa.
Stock market goes nuts about oil in Venezuela.
China surrounds Taiwan.
But, wait, on Tuesday, I have a presentation of my paper on delinquent credit clams in Urania in 1993.
Trump conquers Venezuela.
Israel destroys Gaza.
Russia attacks Odessa.
Stock market goes nuts about oil in Venezuela.
China surrounds Taiwan.
But, wait, on Tuesday, I have a presentation of my paper on delinquent credit clams in Urania in 1993.
Reposted by Branko Milanovic
My today's Substack:
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
It is a fundamental question.
branko2f7.substack.com
January 3, 2026 at 6:25 AM
My today's Substack:
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
The decline.
Branko's number crunching is always thought provoking
Italy crossed *back* into the 2 territory in 2008; it went down to barely above 2 in year 2020. It is now at 2.14, the relative (to the world) ratio where it was in 1958.
It charts a nice inverted U.
Italy's story is replicated by almost all W European countries.
It charts a nice inverted U.
Italy's story is replicated by almost all W European countries.
January 3, 2026 at 9:47 PM
The decline.
Reposted by Branko Milanovic
Is INEQUALITY really getting worse?
Economist and author of the Great Global Transformation
@brankomilan.bsky.social says YES - but the answer is a bit more complicated 👇🏻
youtu.be/yPGN95wTXxE
#economics #economy #inequality
Economist and author of the Great Global Transformation
@brankomilan.bsky.social says YES - but the answer is a bit more complicated 👇🏻
youtu.be/yPGN95wTXxE
#economics #economy #inequality
January 3, 2026 at 11:29 AM
Is INEQUALITY really getting worse?
Economist and author of the Great Global Transformation
@brankomilan.bsky.social says YES - but the answer is a bit more complicated 👇🏻
youtu.be/yPGN95wTXxE
#economics #economy #inequality
Economist and author of the Great Global Transformation
@brankomilan.bsky.social says YES - but the answer is a bit more complicated 👇🏻
youtu.be/yPGN95wTXxE
#economics #economy #inequality
My today's Substack:
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
It is a fundamental question.
branko2f7.substack.com
January 3, 2026 at 6:25 AM
My today's Substack:
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
Was the world of the 1990s better than today’s?
branko2f7.substack.com/p/was-the-wo...
Italy crossed *back* into the 2 territory in 2008; it went down to barely above 2 in year 2020. It is now at 2.14, the relative (to the world) ratio where it was in 1958.
It charts a nice inverted U.
Italy's story is replicated by almost all W European countries.
It charts a nice inverted U.
Italy's story is replicated by almost all W European countries.
January 3, 2026 at 12:03 AM
Italy crossed *back* into the 2 territory in 2008; it went down to barely above 2 in year 2020. It is now at 2.14, the relative (to the world) ratio where it was in 1958.
It charts a nice inverted U.
Italy's story is replicated by almost all W European countries.
It charts a nice inverted U.
Italy's story is replicated by almost all W European countries.